No Exam Life Insurance - Guide To The Top 15 Companies (2023 Update)

Quick Article Guide

Here’s what we'll cover in this post:

• Types of No Exam Life Insurance
• Top 15 No-Exam Life Insurance Companies
• Not All No-Exam Policies Are Equal

Types of No Exam Life Insurance

As mentioned above, there are six types no exam life insurance policies that are offered by insurers. These options include:

• Simplified Issue Term Life Insurance — These policies work just like traditional term life insurance with death benefits from $50,000 - $3,000,000. Most providers limit these policies to healthier applicants between 21-65 years of age. The term or guaranteed period can be 10, 15, 20 or 30 years. If you're between the ages of 66 and 75, you can qualify for a 10 year term with up to $99,999 of coverage.
• Simplified Issue Universal Life (UL) — These types of policies offer $25,000 - $1,000,000 of permanent life insurance coverage and they are available to applicants aged 21-65. The cost and the death benefit are fixed for life.
• Level Death Benefit Whole Life — Whole life insurance policies offer level rates and a fixed death benefit for life, just like universal life. These policies are available until the age of 80, but the death benefits they offer are usually limited to $50,000 or less.
• Graded Benefit Whole Life — These policies offer a fixed cost for life, but unlike other forms of life insurance, they are available to applicants with serious health issues. Because they are more lenient with approvals, they cost more, provide limited coverage for the first 2-3 years, and typically offer a maximum death benefit of $25,000.
• Rapid Decision Senior Whole Life — These policies are available to seniors aged 65 to 85 in average or better health. They typically offer $10,000 - $25,000 of coverage without a waiting period.
• Guaranteed Issue or “GI” policies — These policies do not ask any health questions whatsoever. These are ideal for those who have very serious health issues or the elderly. Death benefits range from $5,000 - $25,000.

Top 15 No-Exam Life Insurance Companies

Here’s our quick preview of the top 15 life insurance companies which offer no medical exam life insurance. Keep in mind that only a handful of companies actually offer these products and they are not available through every insurer.

1. AMERICAN AMICABLE

American Amicable is an "A" Excellent rated life insurance provider that was founded over 100 years ago in 1910. They are known for their lenient build charts and the living benefits automatically included with their policies.

Product Types and Features:

• Term Made Simple – Provides death benefits up to $500,000 with terms available for 10, 15, 20, and 30 years. Most applications are approved and issued in less than two weeks. These policies are annually renewable until the age of 95 and can be converted into permanent life insurance until age 75.

• Golden Solution Whole Life Insurance – American Amicable offers 3 whole life insurance products to applicants in poor to excellent health. Most policies are approved within 24 hours.

1. Immediate Death Benefit: For applicants in average or better health that are between the ages of 50 and 85. Coverage starts immediately, available death benefits range from $2,500 to $25,000.
2. Graded Death Benefit: For applicants in fair to average health that are between the ages of 50 and 85. For the first year 30% of the death benefit is available, 70% for year 2, and 100% for year 3.
3. Return of Premium Death Benefit: For applicants with serious health issues that are between the ages of 50 to 85. For the first 2-3 years, these policies provide the policyholder's beneficiary with a refund of the premiums paid plus 10% interest. After the waiting period has passed, the policy will pay a full death benefit of up to $25,000.

2. BESTOW

Bestow was founded in 2016 and they are financially backed by the North American Company for Life and Health Insurance, an "A+" Superior rated insurance provider that has been operating since 1886.

Product Types and Features:

• Fast Online Term Life Insurance - Provides $50,000 to $1,500,000 of coverage for qualified applicants between the ages of 18 and 60. Coverage is purchased online and available terms include 10, 15, 20, 25, and 30 years.

Please Note: These policies do not include a conversion option which allows the policyholder to convert their policy into permanent coverage. In addition, they do not offer guaranteed renewability after your term has expired.

3. eLIFE

The eLife insurance company is an online platform that offers immediate issue term life insurance. The company is backed by 3 different "A" rated life insurance providers; Liberty Life, Pacific Guardian Life, and Cincinnati Equitable Life.

Product Types and Features:

• eLife Express - The eLife company markets their eLife Express policy as, "The world's fastest life insurance policy." It offers up to $500,000 of coverage to applicants between the ages of 18 and 70 and most qualified applicants are approved 20 minutes or less. The company offers 10, 15, and 20 year terms that are annually renewable until age 95.

4. ENCOVA MUTUAL

The Encova Mutual Life Insurance Company began as Motorist Mutual in 1928. Today the "A" Excellent rated insurer provides coverage to more than 98,000 individuals and their products are offered by nearly 5,000 independent life insurance agents. 

Product Types and Features:

• Value Term Plus - Motorists Life offers $25,000 to $500,000 of term life insurance to applicants in average or better health until age 70. Coverage can be customized in $25,000 increments and 10, 15, 20, 25, and 30 year terms are available depending on the applicant's age.

Their policies also include some additional riders including an accelerated death benefit which allows the insured to access money their policy if they become terminally ill. And, the policies can be renewed annually after the term has expired or converted into permanent coverage until age 70.

No phone interviews or medical exams are required for approval. After you submit your application online, you will receive a decision in 3 minutes or less. The downside to these policies is that currently they are only offered in about 20 states. 

5. FIDELITY LIFE

Fidelity Life is an "A-" Excellent rated life insurance provider that was founded in 1896. The company offers a variety of term and permanent life insurance products as well as retirement solutions.

Product Types and Features:

The Fidelity Life Insurance company offers 4 different instant issue or "RAPIDdecision" policies to applicants

• RAPIDecision Term - Offers up to $2,000,000 of level term life insurance for applicants aged 18 to 65. Available terms include 10, 15, 20, and 30 years. These policies do not require an exam for the initial approval, but unless you are in perfect health, you will probably need to complete an exam within 6 months of buying your coverage. This is a requirement that is unique to Fidelity.

• RAPIDecision Senior Life Term - Offers $10,000 to $150,000 of level term life insurance to healthy applicants aged 50 to 75. Available terms include 10, 15, 20, and 30 years, depending on the policyholder's age. No medical exam is required for approval or to maintain your coverage.

• RAPIDecison Whole Life - These policies provide up $10,000 to $150,000 of permanent life insurance for applicants aged 50 to 85. In addition to offering level lifetime premiums, they also build a small cash value overtime. No exam is required for an approval or to maintain your coverage, but you must be in average or better health to qualify.

• RAPIDecision Guaranteed Issue - If you have serious health issues, guaranteed issue life insurance may be your only option. These policies offer up to $25,000 of permanent life insurance protection and they do not ask any medical questions or require an exam for approval. The trade-off with graded benefit life insurance is that it offers a reduced death benefit for the first three years.

6. FORESTERS FINANCIAL

Forester's Financial, also known as The Independent Order of Forester's, is a fraternal benefit society that was founded in 1874. They offer retirement solutions and life insurance to residents of Canada, the United Kingdom, and the United States. Forester's Financial is rated "A" Excellent by AM Best.

Product Types and Features:

• Strong Foundation Term Insurance - Offers up to $500,000 of coverage to applicants aged 18 to 55 and up to $250,000 for applicants that are 56 and over. 10, 15, 20, 25, and 30 year terms are available, and most qualifying individuals will receive an approval within 10 minutes. These policies also offer conversion options which allow the policyholder to convert their policy into permanent coverage.

• PlanRight Whole Life Insurance - Like some of the other providers on this list, Forester's Financial offers three different whole life insurance products to those aged 50 to 85. Up to $35,000 of permanent life insurance is available and eligibility is based on the applicant's overall health and age.

1. Fixed Death Benefits - Offers immediate coverage for the full face amount of the policy as soon as you make your first payment. This option is reserved for individuals in average or better health for their age bracket.
2. Graded Death Benefits - Provides an increasing percentage of the policy's face amount for the first 3 years of coverage. This is usually the best option for those with serious health issues.
3. Modified Death Benefits - Offers limited coverage for the first two years. During this period if the insured passes away, their beneficiary will receive a refund of the premiums paid into the policy plus interest. After two years, the policy will provide the full death benefit.

7. GERBER LIFE INSURANCE COMPANY

While Gerber is well-known for their baby food, they have also been in the life insurance industry since 1964. The Gerber Life Insurance Company offers permanent life insurance to adults with serious health issues and healthy juveniles.

Product Types and Features:

• Gerber Guaranteed Life - Provides $5,000 to $25,000 of permanent life insurance to those with serious health issues. Coverage can be purchased over the phone in less than 15 minutes and is available to applicants aged 50 to 80. While no medical exam or questions are required for an approval, the policy has a two-year waiting period. If the insured passes away during this time, their beneficiary will receive a refund of the premiums paid into the policy plus 10% interest.

8. HAVEN LIFE

Haven Life is an online life insurance agency backed by MassMutual. The Haven Life Insurance Agency was founded in 2014 and MassMutual, an "A++" Superior rated life insurance provider, has been in business since 1851.

Product Types and Features:

• Haven Simple - Offers up to $500,000 of term life insurance to qualified applicants between the ages of 20 and 55. No exam is needed for an approval and most applicants will receive a decision in less than 20 minutes. This policy is currently available to residents of every state except Delaware, North Dakota, South Dakota and New York.

Please Note: Haven's policies cannot be used for business purposes or to replace an existing life insurance policy. If you need instant issue life insurance to collateralize a small business loan, you will need to consider another provider.

9. MUTUAL OF OMAHA

Mutual of Omaha is an A+ rated life insurance provider and Fortune 500 company that has been operating since 1909. They are known for their wildlife series, "Mutual of Omaha's Wild Kingdom" which originally aired from 1963 to 1988.

Product Types and Features:

• Term Life Express - Mutual of Omaha offers up to $300,000 of instant issue term life insurance to applicants aged 18 to 70. They also offer a return of premium rider on their 30-year terms. This benefit refunds the policyholder everything they have paid into their policy when the term expires. In the table below, we have illustrated the maximum amount of coverage available for each age bracket.

• Living Promise Whole Life - The Mutual of Omaha company offers two whole life insurance products; one for individuals in average or better health, and another for individuals with serious health concerns. Healthier applicants aged 40 to 85 can purchase $2,000 to $40,000 of immediate coverage without a medical exam. These policies offer level coverage and fixed rates for your entire life. Those will serious health isses will qualify for a graded death benefit of up to $20,000.

10. NATIONAL LIFE GROUP

Product Types and Features:

• Term - The term policies cover up to maximum death benefits of $350,000 and the terms available are for 10 and 20 years. Approval rates can occur in as little as 15 minutes but underwriting medical questions are more extensive and detailed. Applications must occur through an insurance agent.

11. NEW YORK LIFE INSURANCE COMPANY

Product Types and Features:

• Term - Death benefits maximum is set as $100,000. Issue ages are 30 – 74 and policies are renewable to age 80 while premiums may increase in increments of 5 years.

• Permanent - Permanent no-exam policies are available with a maximum of $50,000 in death benefits

• Guaranteed Issue - Policy provides up to a maximum in $15,000 death benefits and has limited policy payout provisions for the first 2 years of coverage.

12. PENN MUTUAL

The Penn Mutual Life Insurance Company is an "A+" rated insurer that has been in business since 1847. The company employs more than 4,000 people, holds more than $36 billion in assets, and generates nearly $400 million in profit annually. 

Product Types and Features:

• Ace Term - The Penn Mutual Life Insurance Company offered qualifed applicants up to $7.5 million in term life insurance coverage without a medical exam. These policies are available until the age of 65 and can be issued in as little as 2 business days. 

• Graded Policies - The graded policies have a 3 year waiting period. The payouts for the first year include the return of premium plus 15 % interest, the second year is a 30 % payout on the total of the policy, and the 3 year is a 60% payout on the policy and 100% beginning in year 4.

13. PRINCIPAL NATIONAL LIFE INSURANCE COMPANY

Product Types and Features:

• Term - Provides a maximum death benefit up to $1,000,000 in benefits which is the highest available, and provide terms for 10, 15, 20, and 30 years. Full selection of riders is available along with a convertibility option to permanent insurance.

Exclusive to those who qualify for Preferred or Preferred Best ratings and require a telephone interview and checks though the Medical Information Bureau, MVR and Rx databases through companies like Intelliscript.

• Guaranteed Universal Life - Will cover applicant to age 121 and provide a maximum death benefit of up to $1,000,000 with similar interview and medical screening checks as per above.

14. SAGICOR LIFE INSURANCE COMPANY

Also known as the Sagicor Financial Corporation, Sagicor is a publicly-traded (TSX: SFC) life insurance provider that has been operating since 1840. The company is "A" Excellent rated and their life insurance products are sold throughout the United States, Latin America, and the Carribean. Sagicor currently holds more than $10 billion U.S. dollars in assets and generates $2.4 billion annually. 

Product Types and Features:

• Term - No exam term policies are available with a maximum death benefits ranging from $25,000 - $500,000, and with terms available for 10, 15, and 20 years. No telephone interview is required and this policy has a variety of ratings available for approval, along with several riders to select from. Very fast approval times and competitive rates

• Guaranteed Universal Life - Permanent life insurance policies or lifetime coverage with similar death benefit amounts.

15. SAVINGS BANK LIFE INSURANCE (SBLI)

The Savings Bank Life Insurance Company, more commonly known as SBLI, is an "A" Excellent rated life insurance provider that has been operating since 1907. They specialize with applicants that have health issues, but their rates for healthy people are also extremely competitive. 

Product Types and Features:

• Accelerated Underwriting Term - Provides $100,000 to $750,000 of level term life insurance to applicants age 60 and younger. A phone interview is required for required for approval, and most applicants will receive a decision within a week of applying. Currently, SBLI's policies are not available to residents of Montana or New York state.

• Accelerated Underwriting Whole Life - SBLI also offers up to $750,000 of whole life insurance without a medical exam to applicants aged 18 to 60. These policies provide fixed lifetime rates and coverage as well as an opportunity to build a cash value overtime. Coverage can be purchased online or over the phone and most qualified applicants will be approved within one week. 

Not All No-Exam Policies Are Equal

As you can see, no exam policies vary quite significantly from insurer to insurer. So, don’t just apply for any policy advertised on television or the Internet because you may not be getting either the best policy or the most affordable no-exam policy.

Usually these types of policies are more expensive. That’s because the insurance company is relying on you to provide information about your health and any medical conditions or history, and that entails risk on their part.

"No-exam life insurance is generally more expensive and may be limited in its coverage options, since the insurance company is taking on a greater risk by insuring someone without knowing their medical history." - Bankrate.com

The wisest approach in finding the right no-exam policy for your particular circumstances is to use an independent agent. JRC represents 63 top-rated companies, and by asking you a few questions about your health, we can quickly match you with the most affordable no exam policy that suits your needs.

Call us today at 855-247-9555 today if you think you need or want no-exam life insurance - we can help!